The company released 2022 semi-annual report: 2022H1 realized revenue of 3.759 billion yuan (yoy+20.72%), net profit of 511 million yuan (yoy+51.15%), net profit of 504 million yuan (yoy+77.07%). 2022Q2 realized net profit of 276 million yuan (yoy+41.54%) and deducted 338 million yuan (yoy+98.82%) of non-return net profit in a single quarter.
Comments:
(1) the revenue of heparin preparation increased by 42% compared with the same period last year, and the global sales exceeded 110 million units.
2022H1's preparation business revenue of 1.602 billion, an increase of 41.92% over the same period last year, enoxaparin global sales of more than 114 million units, Europe is the core market of the company's preparation business, focusing on self-sales in five countries, doing deep hospital channels while enhancing the synergy of drugstore sales. The company's enoxaparin sodium preparation is the first of its kind to pass the national consistency evaluation in China. the sales growth momentum is good in the first half of the year, and sales expansion has been achieved in 31 provinces and cities across the country. Sales in Europe, China, non-European and American overseas markets and other major regional markets all achieved double-digit year-on-year growth, with sales growth of 185% in the United States.
(2) the heparin API business has made steady progress, with the increase in gross profit margin and the gradual recovery of 3.24pp 's API business income by 1.611 billion, an increase of 4.95% over the same period last year, and the gross profit margin increased by 3.24pp to 29.78% over the same period last year. Standard heparin API major customer orders landed, smoothly promote the annual production and marketing plan. At the same time, in terms of market development, the company has successfully entered the Indian market and its global layout is becoming more and more perfect.
(3) the gross profit margin of CDMO business continues to rise to 11.33pp and there are plenty of orders on hand.
Saiwan Biology and SPL are subsidiaries of the company in the field of CDMO. Saiwan Biology specializes in the development and production of macromolecular pharmaceutical products and has the R & D and production capacity of mammalian cell culture, microbial fermentation, cell and gene therapy (viral and non-viral vectors) and mRNA biological products. SPL provides services for the development and production of macromolecular pharmaceutical products extracted from animals and plants such as pancreatic enzymes, heparin and heparin analogues. The revenue of 2022H1 CDMO business was 468 million yuan, an increase of 31.73% over the same period last year, with a gross profit margin of 37.6%, an increase in 11.33pp over the same period last year. Saiwan Bio continues to increase its on-hand orders and has reached a cooperation with Avantor, a well-known global company.
(4) A number of projects under study are progressing smoothly, and 4 indications are in the clinical phase of global III.
The company holds more than 20 similar innovative drug varieties, covering more than 30 indications, of which 4 indications are in the global III phase, 2 indications are in the global III phase clinical application phase, and 16 indications are in the global II phase. ① RVX-208 combined with standard therapy, including high-intensity statins, for secondary prevention of major adverse cardiovascular events in patients with type 2 diabetes with recent acute coronary syndrome, was recognized by FDA breakthrough therapy in the United States, and the key phase III clinical program was once again approved by FDA in the United States. ② AR-301 in combination with standard antibiotic therapy for patients with ventilator-associated pneumonia (VAP) caused by Staphylococcus aureus is currently in a global phase of III clinical trials. 2022H1 has enrolled 166 patients. The international multicenter phase III clinical trial of ③ in combination with chemotherapy in the treatment of advanced primary ovarian cancer by 2022H1 has enrolled more than 330subjects.
Profit forecast: according to the company's business growth, we expect the company's return net profit from 2022 to 2024 to be 1.106 billion yuan, 1.502 billion yuan and 1.974 billion yuan respectively, corresponding to 0.55,1.02 and 1.35 yuan respectively, and 21,16,12 times the corresponding PE, respectively, maintaining the company's "highly recommended" investment rating.
Risk tips: market penetration is not as expected; domestic and foreign market promotion is limited; risk of R & D failure of research projects.